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congress has always raised the debt ceiling. only how have they fought the white house. well, it's for debt that the congress has incurred. it has to go up. the idea that this 3 trillion-dollar county could get them back the debt ceiling on a technicality is something that makes sense. >> cenk: so it's an absurd idea. understand first of all if they're not going to put it into circulation. if they put it in circulation then they would have inflation. but if they're not going to put it in circulation then what is. this all about? i guess it's the technicality to say technically we still have money. but if you had to actually use it. >> it means that they don't have to issue t-bills or auction off treasury bill. and the other side of this coin--literally--that was quite an accident. it would show how silly this is. >> cenk: the new york federal reserve, the main organization, is run by the top banks. we have given out our most important power to private corporations that then shockingly enough when bush comes to shove give it to themselves. wow, i didn't see that coming. i
congress has always raised the debt ceiling. only how have they fought the white house. well, it's for debt that the congress has incurred. it has to go up. the idea that this 3 trillion-dollar county could get them back the debt ceiling on a technicality is something that makes sense. >> cenk: so it's an absurd idea. understand first of all if they're not going to put it into circulation. if they put it in circulation then they would have inflation. but if they're not going to put it in...
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don't use the debt ceiling as leverage. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses the ability for the united states to pay its bills on time, it could be cat strofk. kristen welker with the president in honolulu. it will be a big change of scenery when he gets back to washington. tell us some of the battles on the horizon for the president. >> reporter: hi, craig. good afternoon. there are three budget battles on the horizon. the one getting the most attention right now is the fight over the debt ceiling and the debt ceiling is like the nation's credit card. the nation has essentially maxed out at this point in time. so congress, the white house will have a bigeb
don't use the debt ceiling as leverage. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. if congress refuses the ability for the united states to pay its bills on time, it could be cat strofk. kristen welker with the president in honolulu. it will be a big change of scenery when he gets back to washington. tell us some of the battles on the horizon for the president. >> reporter: hi, craig. good afternoon....
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. >>> the battle over the debt ceiling is just beginning. that's the self-imposed government borrowing limit imposed by congress. if the limit is not raised by late february or early march, the u.s. runs the risk of defoughting on its bills. close to $1 trill is needed to cover a year of borrowing. what's president obama's strategy? brian todd has the answer to the trillion-dollar question. >>. >> reporter: the president says he won't negotiate with congress over lifting the debt ceiling. >> i will not play that game. >> reporter: republicans say -- >> the president may not want to have this debate, but it's the one he's going to have, because the country needs it. >> reporter: so while they debate over a debate and raise head-long into the dead ceiling, is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and now even a congressman, are suggesting a $1 trillion platinum coin could be minted and the government could use that to pay the debt, avoid default and preempt the debt kreeg crisis. democratic
. >>> the battle over the debt ceiling is just beginning. that's the self-imposed government borrowing limit imposed by congress. if the limit is not raised by late february or early march, the u.s. runs the risk of defoughting on its bills. close to $1 trill is needed to cover a year of borrowing. what's president obama's strategy? brian todd has the answer to the trillion-dollar question. >>. >> reporter: the president says he won't negotiate with congress over lifting...
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republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly -- with that behind us,
republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly --...
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insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government." >> democrats warn, watch out. risking government shutdown, risking not raising the debt creeling is playing with fire. >> on this vote, the yays are 354, the nays are 67. >> reporter: a preview of that brinkmanship came in the house, where 67 republicans, including house budget chair paul ryan, voted against $9.7 billion in aid for victims of superstorm sandy. despite the tongue-lashing they got from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the storm relief is now up in the air until a vote late thermowas a letdown for new york and new jersey lawmakers. even the
insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government."...
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and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix, and we've got to look at everything. when it comes to spending, defense cannot be a sacred cow. we have to look at everything, and we have to have legitimate entitlement reform. and on our side, mike, we have got to do this. i was on "the cycle," one of msnbc's shows, and i suggested that raising the age on medicare given the fact we're living longer isn't a necessarily bad idea. the three progressive hosts, you would have thought that i proposed treason to the american government. >> congressman, let me ask you a question about your next endeavor. politico poi
and it's not lifting the debt ceiling to pay for future spending. it's to pay for the bills that we've already accrued. but regardless of that, regardless of that, the people want us to get together and do something. it's why i was sad to see steve decide not to run for re-election because we need republicans, we need more republicans who are going to stand in there and say, yes, spending is the issue, but we've got to realize that we've got to have reasonable revenue that comes into the mix,...
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debt ceiling votes and take us to the brink of defeat once again, which is part of the negotiation, which by the way we never did in our history until we did it last year, i will not play that game. >> he says he wouldn't play that game. but republicans say they will only raise the debt ceiling if there is an equal amount of spending cuts together with the raising of the debt ceiling. he says he is not going to play that game. will he have any choice? >> look, that is the kind of brinksmanship i'm talking about. we should not negotiate on the full faith and credit of a u.s. government. that is crazy. why would we want to put our economy through that? but there are lots of things we can negotiate on. we do have a sequester, we do have the end of the continuing resolution. we have lots of things coming up that will force us to make some of the tough decisions. >> here is what mitch mcconnell wrote on yahoo! news. i'll read about it, he is going after the president. he is the republican leader in the senate. predictably the president is claiming already that his tax hike on the rich is
debt ceiling votes and take us to the brink of defeat once again, which is part of the negotiation, which by the way we never did in our history until we did it last year, i will not play that game. >> he says he wouldn't play that game. but republicans say they will only raise the debt ceiling if there is an equal amount of spending cuts together with the raising of the debt ceiling. he says he is not going to play that game. will he have any choice? >> look, that is the kind of...
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you heard him preview this argument that if the nation does not increase its debt ceiling and if this becomes a long, drawn-out battle like the one we saw back in 2011, the economy will suffer greatly for it. so the battle lines are getting drawn, craig. get ready for another big washington with, knockdown, drag-out fight. it sounds like it will be debt ceiling before immigration. >> well, i wouldn't say that. i have been talking to my sources here who say that the president is still very focused on his second term agenda which includes immigration reform and enacting stiffer gun control laws and also some new energy policies in terms of the timeline, the white house is still working all of that out, but they say that the president is determined not to have these budget battles derail or side line his other policy goals. a lot of analysts are looking at the situation and saying it's tough to do that and there are more budget battles that are on the horizon that will take up a lot of time and public attention and consumption. >> kristen welker. honolulu. kristen, thank you so much. we'
you heard him preview this argument that if the nation does not increase its debt ceiling and if this becomes a long, drawn-out battle like the one we saw back in 2011, the economy will suffer greatly for it. so the battle lines are getting drawn, craig. get ready for another big washington with, knockdown, drag-out fight. it sounds like it will be debt ceiling before immigration. >> well, i wouldn't say that. i have been talking to my sources here who say that the president is still very...
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ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts. insiders on capitol hill have been told to prepare for chuck hag hagel's nomination for defense secretary. at the same time, a white house spokesperson says the president has not made a final decision yet. congress passed a hurricane sandy relief bill that provides 9.7 billion to the national flood insurance program, nearly out of money, republican leadership took heat from both parties. the house is set to vote on additional sandy aid. worth nearly $52 billion on january 15th. the senate is recessed until the 21st. >>> president obama and the fi
ceiling. >> one thing i will not compromise over is whether or not congress should pay the tab for a bill they already wracked up. if congress refuses to give the united states the ability to pay its bill on time, consequences for the entire global economy could be catastrophic. >> meanwhile, during a closed door meeting on friday, john boehner told members of the gop conference he plans to use the upcoming battle over raising the debt ceiling as leverage for more spending cuts....
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cuts and the debt ceiling. we'll talk to a republican congressman who actually supported the fiscal cliff deal and find out how he thinks the other deals are going to get done. >>> when it's okay to alter the historical accuracy of an official photograph. apparently when it's very cold outside. passengers on board a flight from iceland to new york find a unique way to stop an unruly passenger. we'll tell you what they did in a moment. the boys use capital one venture miles for their annual football trip. that's double miles you can actually use. tragically, their buddy got sacked by blackouts. but it's our tradition! that's roughing the card holder. but with the capital one venture card you get double miles you can actually use. [ cheering ] any flight, anytime. the scoreboard doesn't lie. what's in your wallet? hut! i have me on my fantasy team. is a fantastic experience. 30 shrimp for $11.99. i can't imagine anything better. you're getting a ton of shrimp, and it tastes really good! [ male announcer ] hurry i
cuts and the debt ceiling. we'll talk to a republican congressman who actually supported the fiscal cliff deal and find out how he thinks the other deals are going to get done. >>> when it's okay to alter the historical accuracy of an official photograph. apparently when it's very cold outside. passengers on board a flight from iceland to new york find a unique way to stop an unruly passenger. we'll tell you what they did in a moment. the boys use capital one venture miles for their...
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ceiling. >> yeah. >> the difference between compromise versus capitulation, part of the, no question, there will be additional compromise but the hard ball fight will be around the debt ceiling and specifically the entitlement reforms that republicans seek with social security and medicare. and the challenge for the president is he willing to play hard ball. since the republicans know right now no other way to play politics. >> i talked to a congressman, from oklahoma, he said that republicans and democrats literally rarely even talk to each other. i want you to take a listen here and we will talk about it on the other side. >> well, what we need to do is drop the label of republican and democrat, do what is best for the country, because we were sent there to represent the people not our party. >> and he goes on to talk about at orientation how they are on separate buses. i mean, it really does sound kwies silly, robert costa. >> it's very easy to the wagon your finger at the political process. but the fiscal cliff has a lot of positive lessons, there are few of them right now, but o
ceiling. >> yeah. >> the difference between compromise versus capitulation, part of the, no question, there will be additional compromise but the hard ball fight will be around the debt ceiling and specifically the entitlement reforms that republicans seek with social security and medicare. and the challenge for the president is he willing to play hard ball. since the republicans know right now no other way to play politics. >> i talked to a congressman, from oklahoma, he said...